![]() Two weeks ago, Friedlander said, “a Barron’s reporter verified our premium data with numerous industry analysts and confirmed its accuracy.” Mark Friedlander of the Insurance Information Institute said he stands by his organization’s estimates that statewide average premiums increased from $4,231 last fall to $6,000 this year as “verified as accurate by numerous third parties, including insurers and insurance agents.”Īs Friedlander is a popular source of insurance information, the $6,000-a-year estimate has shown up in stories by numerous national publications about Florida’s insurance crisis. “Florida is now the most expensive state to live in,” he said. Some of his clients have seen increases of 100% to 200%, he said. ![]() Mendez calls the current state of the insurance market - with rate increases of 25% to 70% over each of the past three years - “the worst I’ve experienced” in 30 years in the industry. “I’ve seen renewals down in Pinecrest for as much as $17,000 for a million in coverage and as much as $27,000 for a Palm Beach County intracoastal renewal of $1 million in coverage.”Īl Mendez, partner in Mendez & Associates Insurance in Pembroke Pines, says his average policies range from $4,200 to $6,000 to insure homes in the tri-county region with replacement costs of $300,000 to $500,000. “The average I’ve seen from private insurers is anywhere from $6,000 to $10,000 for, say, $350,000 in coverage,” Pertnoy said last week. Probably all clients of Fort Lauderdale-based insurance agent Phil Pertnoy, who works at Donna Carrara Insurance Agency. How many homeowners in Florida’s five southernmost counties would like to be paying that right now? Dividing the number of policyholders into the direct written premium data reveals the average premium charged by the company.ĭividing the total number of policyholders into the total direct written premium total for all Florida-regulated insurance companies reveals Florida’s average homeowner insurance premium on March 31 was $3,134. ![]() Direct written premiums are the total dollar amount of all premiums paid to the company by its policyholders. The Sun Sentinel tallied data in a separate release by the office of company-level data that includes numbers of policyholders per coverage category and corresponding direct written premium totals. Missing from the twice-yearly report is a statewide average premium. That means the next six-month report will likely reflect significant rate increases. Renewal prices charged after companies secured their reinsurance rates will reflect the higher costs. Premium amounts calculated by the Office of Insurance Regulation preceded rate hikes tied to higher reinsurance rates that insurers secured as hurricane season began on June 1. ![]() In fact, average premiums in Palm Beach, Broward and Miami-Dade exceeded $5,500 while homeowners in Monroe, which includes the Florida Keys, paid an average $7,584. Residents of three counties - Walton, Franklin, and Collier - paid average premiums in the $4,000s.Īnd homeowners in the five southernmost counties - Martin, Palm Beach, Broward, Miami-Dade, and Monroe - paid average premiums of more than $5,000. ![]() Averages were below $2,000 in four counties - Sumter, Marion, Baker and Hernando.Īverage premiums were in the $3,000s in seven counties: Lee, Okeechobee, Escambia, Okaloosa, Gulf, Pinellas, and Indian River. Homeowners in 48 of Florida’s 67 counties paid estimated average premiums between $2,000 and $2,999. The data sent by insurers was used to create county-by-county estimates of premiums paid to insure single-family homes, Those estimates were included in the office’s twice-yearly Property Insurance Stability Report released in early July. The state’s most recent data comes from insurers themselves - sent to OIR each quarter under a law enacted in May 2022. Yet, recently released data by the Florida Office of Insurance Regulation include figures that some might find surprisingly low in comparison to the higher estimates. Insurance agents in South Florida say their clients are paying on the high side of the estimated range of average premiums. Rate hikes from your home insurer? Find out here ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |